A
quick update on health care component - Valeant Pharmaceuticals International,
Inc which happens to be listed on both the Toronto
and New York
stock exchanges. A duel listing is a positive if US investors love you but, not so
nice if US investors change their minds – which seems to be underway – right now.
On
the prior post TSX listed Valeant plotted
on a point & figure (thanks to Stockcharts.com) – we saw the potential
breakdown of support at the $126 range or about $116 in US dollars. I suggested
if VRX trades down to $114 (US) the longs should take the money and run. Today –
thanks to Stockcharts.com - on a P&F we can see the breakdown in the NYSE
listed Valeant – with broken support at $114. The next lower support is now at
the $104 level – with the next target being that lower primary trend line.
Posts
2 comments:
Don't look now but our little friend Walter energy (WLT) is on the move. This unloved orphan has been outperforming the market for the past few months.
dh12
Walter energy (WLT)? Outperforming what market? The WLT I see is below a declining 40 week MA, in a long down trend and a total point & figure breakdown
Are we talking abut the same stock?
Bill Carrigan
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